Highlights from Q1/22:
- Adjusted net asset value (“ANAV”) of
$22.42 million ($0.36 per share) atMarch 31, 2022 compared to$24.44 million ($0.40 per share) atDecember 31, 2021 , representing a 8.2% decrease quarter over quarter on an ANAV basis and a 10.0% decrease on a per share basis. ANAV reflects the net asset value plus the amount of available tax loss pools available; - Net comprehensive loss of
$2.03 million compared to net comprehensive income of$4.84 million for three months endedMarch 31, 2021 (“Q1/21”); - Total losses from investment activity was
$1.80 million compared to total revenue of$5.05 million for Q1/21; - Net realized losses on the sale of portfolio investments of
$0.81 million compared to net realized gains of$0.56 million for Q1/21; - Net unrealized losses on portfolio investments of
$0.99 million compared to net unrealized gains of$4.48 million for Q1/21; and - Total expenses of
$0.23 million compared to$0.21 million for Q1/21. Included in expenses is stock-based compensation of$0.03 million for Q1/22 compared to$0.02 million of stock-based compensation for Q1/21; and - Operating expenses of
$0.18 million compared to$0.19 million for Q1/21.
During Q1/22, the company saw an increase from its portfolio of publicly traded companies which included increases from Filo Mining. These were offset by decreases in Kwesst Micro Systems and Cansortium Inc.
The decrease in operating expenses to
The Company saw net comprehensive loss of
“The Company posted a revenue and profit decline during Q1/22 due to losses in several publicly traded companies. Fountain saw some of its private investments go public during the quarter which led to an increase in net realized losses.” said
A full set of the Q1/22 unaudited financial statements and the management discussion & analysis are available on SEDAR.
About
Forward-Looking Statements
Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations of the Company, which are based on assumptions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information in this press release includes, but is not limited to, growing Fountain’s capital base and a strong pipeline going forward. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the level of bridge loans and equity investments completed, the nature and credit quality of the collateral security and the nature and quality of equity investments, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated
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